Indian equities close flat, global cues hamper sentiments (Roundup)

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Indian equities close flat, global cues hamper sentiments (Roundup)

Mumbai, March 31 (IANS) Breaking the three-day gaining streak, the key Indian equity indices closed on a flat note on Friday — the last day of the financial year 2016-17 — as negative global cues hampered investors’ sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) closed flat — unchanged at 9,173.75 points from the previous day’s close.

The barometer 30-scrip sensitive index (Sensex) of the BSE closed at 29,620.50 points — down 26.92 points or 0.09 per cent from the previous close at 29,647.42 points. It touched a high of 29,687.64 points and a low of 29,552.61 points during the intra-day trade.

“Markets ended the fiscal on a flat note with the BSE Sensex closing the day 26.92 points lower while the NSE Nifty closed flat at 9,173.75. During the fiscal, broad indices gained nearly 17 per cent,” Vijay Singhania, founder and Director of brokerage firm Trade Smart Online, told IANS.

In contrast, the BSE market breadth was bullish — with 1,613 advances and 1,131 declines.

The broader markets outperformed the benchmark indices. The S&P BSE mid-cap index closed higher by 0.79 per cent and the small-cap index edged higher by 0.72 per cent.

“IT sector stocks faced resistance at higher levels due to profit booking and witnessed volatile trades, while energy, metal and media remained top performing sectors on the positive side,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls, on sector-specific movement.

“On the daily scale, Nifty registered yet another narrow ranged body though slightly on the bullish side. Hence, only a breach below its previous days swing low near 9,100 could distort the ongoing bullish momentum,” Desai explained on technical levels.

Sector-wise, the S&P BSE banking index plunged by 180.25 points, followed by the FMCG index, which slipped by 33.88 points, and the IT index, which fell by 32.04 points.

On the other hand, the oil and gas index surged by 246 points, the capital goods index edged up by 160.15 points, and the consumer durables index rose by 158.92 points.

Major Sensex gainers on Friday were: Reliance Industries, up 3.93 per cent at Rs 1,319.20; NTPC, up 1.59 per cent at Rs 165.95; Larsen and Toubro (L&T), up 1.28 per cent at Rs 1,577.60; Maruti Suzuki, up 1.18 per cent at Rs 6,024.30; and Tata Steel, up 0.94 per cent at Rs 482.65.

Major Sensex losers were: Axis Bank, down 1.65 per cent at Rs 490.80; ICICI Bank, down 1.53 per cent at Rs 277.10; HDFC Bank, down 1.47 per cent at Rs 1,442.30; HDFC, down 1.22 per cent at Rs 1,502.40; and Hindustan Unilever, down 1.03 per cent at Rs 909.75.